$MRVL SVP and CTO of Optical Engineering Radha Nagarajan, at Semicon Taiwan: 1. Names Europe/Japan for laser supply sourcing as examples for SiPH modules. Very interesting that Marvell's SVP had Europe in mind when giving examples of laser supply sourcing for SiPH modules. I can't really name any notable public EU merchant laser suppliers other than $SIVE. Japan I can namedrop a few like Sumitomo/Furukawa etc. Maybe I'm reading too much into the geography, but a lot of US players like $LITE / $COHR / $AAOI are redirecting laser capacity internally, so it's interesting that the US wasn't mentioned. 2. Silicon photonics, high-speed drivers, amplifiers and DSPs come from other suppliers, with final integration taking place in Taiwan Makes sense, with $TSM COUPE / $ASX / ShunSin, and others. 3. Nagarajan appears to say NPO could arrive first around late 2027–2028, with full CPO continuing afterward. Good to hear more about commercialization timelines. $LITE similarly sees NPO around late 2027-H1 2028, while expecting CPO laser shipments in H2 2027 ahead of CPO scale up deployments in 2028. Revenue from upstream suppliers usually hits a bit earlier. 4. $MRVL on Google's TPU program vs. $AVGO / Mediatek and others. "Hyperscalers are seeking greater supply-chain diversification. If Google selects Marvell for a particular AI-chip segment, that does not mean it will stop working with MediaTek or Broadcom". Guess he's just trying to emphasize pie keeps growing for ASIC suppliers, nothing really too new. 5. All of Marvell's advanced ICs and ASICs are manufactured at TSMC, making the foundry central to the broader architecture. $TSM backbone of AI as usual. TLDR: - Very odd Marvell's SVP highlights Europe for laser sourcing, given how small a pool for merchant suppliers there is... - NPO volume looks late 2027, CPO after that. Upstream optical suppliers should start seeing revenue earlier